Wednesday, September 24, 2008

Illegal Immigration and the Mortgage Mess

Great article by Michelle Malkin - some excerpts -

It's no coincidence that most of the areas hardest hit by the foreclosure wave -- Loudoun County, Va., California's Inland Empire, Stockton and San Joaquin Valley, and Las Vegas and Phoenix, for starters -- also happen to be some of the nation's largest illegal alien sanctuaries.

Regional reports across the country have decried the subprime meltdown's impact on illegal immigrant "victims."

The amnesty-promoting National Council of La Raza and its Development Fund have received millions in federal funds to "counsel" their constituents on obtaining mortgages with little to no money down; the group almost succeeded in attaching a $10-million earmark for itself in one of the housing bills past this spring.

In addition, fraudsters have engaged in massive house-flipping rings using illegal aliens as straw buyers.

Thanks to lax Bush administration-approved policies allowing illegal aliens to use "matricula consular cards" and taxpayer identification numbers to open bank accounts, more forms of mortgage fraud have burgeoned.

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